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Mitsubishi enters agreement with JX NOEX

December 19, 2013

Mitsubishi Corp. (MC) entered into a share purchase agreement with JX Nippon Oil & Gas Exploration Corp for the acquisition of a 10% share of Nippon Oil Exploration (Myanmar) Ltd. JX NOEX is a 50% shareholder of NOEM, which in turn holds a 19.3% participating interest in an upstream oil and gas project and gas pipelines in Block M-12/13/14 in the Andaman Sea, including the Yetagun gas field.

The Yetagun gas field was discovered in 1992, and its natural gas production commenced in 2000. Natural gas produced from the field is being sold and supplied to Petroleum Authority of Thailand (PTT) through a pipeline. Condensate, produced The Yetagun gas field was discovered in 1992, and its natural gas production commenced in 2000. Natural gas produced from

the field is being sold and supplied to Petroleum Authority of Thailand (PTT) through a pipeline. Condensate, produced along with natural gas, is stored in a floating storage and offloading system and is sold domestically and internationally.

This project is operated by a subsidiary of Petronas. NOEM’s net sales volume is around 50 Mmcf/d (8,000 boe/d) of natural gas and 800 bo/d of condensate, meaning that Yetagun is Myanmar’s second largest gas field behind Yadana.

MC will work in partnership with JX NOEX to enhance the value of the Yetagun project and, in so doing, play a role in securing a stable energy supply in Asia through the promotion of oil and gas upstream projects in Myanmar.



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